Latest News - Mining Market in Mexico: Precious metals are expected to lead the Type segment during 2024-2028

The Mining Market in Mexico is being driven by Growing mineral and metal exploration activities in Mexico

The Mining Market in Mexico is expected to grow at a CAGR of 3.21% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3.86 billion. In the Mexican mining market, companies are embracing automation to optimize mining operations and reduce associated costs and time. Automation enhances productivity, safety, and streamlines processes. It enables data collection on mining equipment performance, facilitating resource efficiency and optimal water and electricity usage. Keywords: mining market, Mexico, automation, productivity, safety, optimization, costs, time, data collection, resource efficiency, water, electricity. (Exact word count: 50) 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Precious metals
  • Non-ferrous
  • Non-metallic
  • Others
• Service
  • Companies
  • Independent contractors
• Sector
  • Surface mining
  • Underground mining
  • Placer mining
  • In-situ mining
• Geography
  • Mexico

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing mineral and metal exploration activities in Mexico
• Increasing investments by market vendors
• Incorporation of innovative technologies in mining operations

However, the market also witnesses some limitations, which are as follows:

• Stringent environmental regulations on mining activities
• Increasing labor costs and shortage of skilled labor in mining industry
• Presence of health and safety risks in mining industry

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Market Scope in Mining Market in Mexico Research Report

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Research Analysis Overview

In the mining market of Mexico, various mining companies such as Fresnillo, Peabody Energy, Newmont Mining, Freeport McMoran, Yakutugol, and Vorkutaugol, among others, are actively engaged in the production of precious metals like gold and silver. The mining operations involve the use of advanced technologies like intelligent sensors, drones, autonomous vehicles, and drilling systems for efficient and safe extraction. Mining companies in Mexico also employ long-term supply contracts, forward sales, call options, and futures contracts to manage their risks and secure their revenue streams. The mining sector in Mexico is a significant contributor to the country's economy, producing not only precious metals but also nonmetallic minerals like silica. Mining companies in Mexico are adhering to social distancing norms to ensure the safety of their workforce during the ongoing pandemic. The mining sector's productivity is influenced by various factors, including metal prices, wastage, and the availability of equipment like Scooptram loaders, Minetruck haulers, and drilling rigs. Moreover, the mining industry in Mexico is exploring the potential of renewable energy sources like Solar energy to reduce its carbon footprint. Companies like Teck Resources and Nutrien (NTR) are leading the way in this regard. The mining sector's automation and electrical-electronic systems are also undergoing significant upgrades to enhance productivity and reduce costs. Southern Copper and other mining companies are investing in advanced drilling systems and automated tunnel drilling to improve their mining efficiency.

Market Research Overview

The mining market in Mexico is a significant segment of the global diversified metals and mining industry, encompassing companies involved in the production or extraction of a range of metals and minerals. These include non-ferrous metals such as lead, nickel, tin, and various others, as well as salt, borate, phosphate rock, and diversified mining operations. Technavio calculates the market size by aggregating the revenues of companies engaged in metal and mineral production and diversified mining activities. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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